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(ABC)   Americans are in such lousy financial shape that 4 in 10 say they could not come up with $2,000 if their lives depended on it   (abcnews.go.com) divider line 424
    More: Sad, Americans, Financial Industry Regulatory Authority, Pew Charitable Trusts, Sufis, confidence interval  
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6726 clicks; posted to Main » on 08 Apr 2014 at 10:16 AM (24 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-04-08 03:00:14 PM

cptjeff: jst3p: still would have had an hour to walk to the library and back if I had to. As it was since I had jobs I could afford AOL for internet access (it was the early 90's don't judge me!).

So you've never actually had to walk an hour to the library every day to log on to the internet, which is absolutely critical to trying to find most jobs these days, but you're fine saying everybody else should. Is that what I'm getting from you?


No, that isn't what I am saying. What I am saying is that being poor sucks six ways from Sunday but if it is what needs to be done it should get done.

You thought Internet access was important enough in the 90s that you subscribed to AOL while just trying to scrape by. It's a thousand times more important now, but you still think internet access at home is a luxury and that people should just walk an hour to the library or pay bus fare both ways (do that every day, and it adds up to a lot more than just getting internet access at home) just so they can apply for jobs or make sure they haven't been offered one yet?

If they have to.
 
2014-04-08 03:00:25 PM

Lagaidh: Are you thinking about construction?


Know how I know you haven't worked construction in 12 years?

research.stlouisfed.org
 
2014-04-08 03:00:53 PM
Why is no one asking who wants us to cough up two grand?

Sounds sketchy to me...
 
2014-04-08 03:05:27 PM

cptjeff: The Missing Link: or taking the bus to the library, they should pay for internet?

Let's do a quick calculation here. Taking the bus to and from the library every day, at a discounted fare of $1 each way. $60 a month. Only weekdays: $40 a month. Cable internet: $35 a month. Paying a neighbor for access to their wireless: $10 a month (or whatever).


Or free if you are cute and don't sit in Sheldon's spot.

img2.wikia.nocookie.net
 
2014-04-08 03:09:10 PM

The Missing Link: So you are saying rather than putting food on the table, someone should be paying for internet services?


Internet service can be $30 a month. The time the spend going to and from the library would be better spent on the Internet finding deals at grocery stores, cheap recipes and cooking.

The Internet can pay for itself pretty easily.

This is why anyone saying to get rid of the Internet are fuking idiots.
 
2014-04-08 03:13:58 PM

impaler: The Missing Link: So you are saying rather than putting food on the table, someone should be paying for internet services?

Internet service can be $30 a month. The time the spend going to and from the library would be better spent on the Internet finding deals at grocery stores, cheap recipes and cooking.

The Internet can pay for itself pretty easily.

This is why anyone saying to get rid of the Internet are fuking idiots.


If you qualify you can get unlimited talking, testing and 2.5GB of data:

https://lifeline.myfamilymobile.com/

That would be the smart way to go if you ask me.
 
2014-04-08 03:15:46 PM

jst3p: impaler: The Missing Link: So you are saying rather than putting food on the table, someone should be paying for internet services?

Internet service can be $30 a month. The time the spend going to and from the library would be better spent on the Internet finding deals at grocery stores, cheap recipes and cooking.

The Internet can pay for itself pretty easily.

This is why anyone saying to get rid of the Internet are fuking idiots.

If you qualify you can get unlimited talking, testing textingand 2.5GB of data:

https://lifeline.myfamilymobile.com/

That would be the smart way to go if you ask me.

 
2014-04-08 03:16:50 PM

radarlove: As for "just applying," it is a little more complicated than that, but I'm making progress. I'm in a very isolated place both physically and mentally, but we're finding a way of working around those issues.


I think the way forward is "fake it until you make it."  You don't have to like it, you don't have to be happy doing it, just pretend like you're happy and do things that a happier person would do.

radarlove: Do I really need it.


Yes.  It's not just me, it's pretty clear the thread consensus is yes.

radarlove: Shouldn't those people who need it the most, those people who are subjugated by a cruel and unfair system that sticks them in the gutter because of their race or gender or age, get first crack at that assistance?


This is a false dichotomy.  For some reason you're imagining if you take the help, that means someone else won't get it.  That's not true at all.  Whether you accept it or not has no bearing on whether or not someone else can get it.

radarlove: You can see why it gets tough to accept something like assistance when these are the questions that run through your head.


Right, so that gets us back to fake it until you make it.  Pretend like you're okay with it, go do it and eventually you'll get through it.  What would you tell someone if the situation were reversed?

radarlove: Don't you dare.


That's solid advice, I agree.  Now what would you do to convince someone that seems impossible to convince?
 
2014-04-08 03:22:40 PM

que.guero: Why is no one asking who wants us to cough up two grand?

Sounds sketchy to me...


Your car breaks down? You break your leg? Your dog breaks its leg? Your dog gets cancer? Someone sues you and you need a lawyer? There's a fire at your house and you suddenly need a place to stay and to replace some things like clothes and shoes (at least till you get a check from your insurance company)?

/That house fire *was* suspicious, though.
 
2014-04-08 03:23:40 PM

The Singing Bush: pacified: sigdiamond2000: I have no credit card debt, pay for everything using cash (mainly ass pennies), my mortgage rate is -3.75%, and my portfolio is so diversified it makes your piddling 401k look like a Klan rally.

if you have tons of different funds in your 401k, you are actually losing money to management fees.  You shouldn't have more then 2 or 3 different funds, or your gains are being eaten away.

notsureifserious.jpg

If you are serious, that's not how management fees work.  If not, well, then I'm an idiot.


If you have that many different mutual funds then you probably don't know what you're doing. Mutual funds generally exist to screw their customers; compare yours to an index fund like VTI and if you're not doing better with your fund then you should dump it.
 
2014-04-08 03:26:25 PM

dukeblue219: TheShavingofOccam123: So with Microsoft abandoning support for XP, are people going to go out and buy a tablet? Are they going to go out and buy a new OS and try to install it on their old desktop? Are they going to buy an off-lease or refurb desktop with a newer OS? Are they going to buy a new desktop with a new OS then pay to upgrade 8.1?

I'd guess the majority of individuals who still run XP on their computers are probably going to stick with it. It's unfortunate, but if they haven't upgraded yet I don't think they're going to immediately, and the lack of security updates is not likely going to mean a lot.

Also, if they buy a new desktop with 8 and they want 8.1 it's a free update.


Thank you. I wasn't sure whether it was free for 8 or not. It's definitely something to consider.
 
2014-04-08 03:31:01 PM
Poor people have poor ways.
 
2014-04-08 03:34:11 PM
Always a joy to know that every poor person is one canceled cable subscription away from prosperity.
 
2014-04-08 03:39:16 PM

dukeblue219: TheShavingofOccam123: So with Microsoft abandoning support for XP, are people going to go out and buy a tablet? Are they going to go out and buy a new OS and try to install it on their old desktop? Are they going to buy an off-lease or refurb desktop with a newer OS? Are they going to buy a new desktop with a new OS then pay to upgrade 8.1?

I'd guess the majority of individuals who still run XP on their computers are probably going to stick with it. It's unfortunate, but if they haven't upgraded yet I don't think they're going to immediately, and the lack of security updates is not likely going to mean a lot.

Also, if they buy a new desktop with 8 and they want 8.1 it's a free update.


Meh.  Just run a beaglebone.  Since we're talking budgets here.
 
2014-04-08 03:39:32 PM

impaler: SpectroBoy: People somehow managed to survive through most of human history without television. Read a library book

I bet you rail against socialism too, without the slightest hint of irony.


I don't think I have ever used socialism in any derogatory way. If you can point to a single post I have ever made calling someone a socialist or some policy "socialism" please do so.

Even if I had, what does that have to do with libraries.

What are you on about?
 
2014-04-08 03:40:55 PM
Part of it is the limited amount of well paying jobs.

Part of it is most people are horrible money managers.

I would venture to guess that you could take most of the people that couldn't come up with $2k today, give them a raise, and in a year would be in the same situation.  Maybe with a nicer car or bigger tv.

Who's that one kid that used to always complain about his job and everyone would spend 100's of posts trying to help and giving him advice?  Good times.
 
2014-04-08 03:41:48 PM

The Missing Link: SpectroBoy: Wasilla Hillbilly: SpectroBoy: If you can't scrape together $2K with a gun to your head one of two things is true.

A) You are truly very poor

B) You prioritize badly.

Hint: If you have cableTV, or a smart phone, or Netflix, or recent nice clothes then B is probably where you are at.

Although I don't have any of the things mentioned in your hint, I have to admit that both A and B apply to me and yes, B is the main factor in A. My only 'luxury' is my 3mb DSL connection, which I think would actually end up costing me more if I didn't have it.


I purposely didn't list an internet connection. Having internet can save people a tons of money shopping and also helps with finding a job (or doing a job). I sort of consider internet a staple at this point. It's hard to be a part of society without it.

You can use the internet for free in most  libraries


True.

I was just leaving room for people too far from a library or a job that keeps them at work during daily library hours.

Also, I honestly believe that I save enough money shopping on the internet to pay for my internet access. YMMV of course. (A little less so now that Amazon charges sales tax)
 
2014-04-08 03:43:21 PM

Chagrin: The Singing Bush: pacified: sigdiamond2000: I have no credit card debt, pay for everything using cash (mainly ass pennies), my mortgage rate is -3.75%, and my portfolio is so diversified it makes your piddling 401k look like a Klan rally.

if you have tons of different funds in your 401k, you are actually losing money to management fees.  You shouldn't have more then 2 or 3 different funds, or your gains are being eaten away.

notsureifserious.jpg

If you are serious, that's not how management fees work.  If not, well, then I'm an idiot.

If you have that many different mutual funds then you probably don't know what you're doing. Mutual funds generally exist to screw their customers; compare yours to an index fund like VTI and if you're not doing better with your fund then you should dump it.


Yeah, that's not what the OP was saying, nor is it what I was disputing.  He claims you will pay less management fees if you have 2 or 3 funds as opposed to several funds, which is not the case.  If you have $50,000 in 2 or 3 funds that have a 0.50% management fee, or in 100 funds that have a 0.50% management fee, you're paying $250 a year.  The number of funds makes no difference.
 
2014-04-08 03:46:03 PM

SpectroBoy: impaler: SpectroBoy: People somehow managed to survive through most of human history without television. Read a library book

I bet you rail against socialism too, without the slightest hint of irony.

I don't think I have ever used socialism in any derogatory way. If you can point to a single post I have ever made calling someone a socialist or some policy "socialism" please do so.

Even if I had, what does that have to do with libraries.

What are you on about?


Usually the type that goes on and on about how the poor should make their lives extremely inconvenient, in order to save a very small amount of money, are the type that rail against socialism.

Libraries are the state buying books, and letting people use them mostly free of charge - i.e. socialism.
 
2014-04-08 04:14:27 PM

Litterbox: JusticeandIndependence: Smeggy Smurf: If I had $2k laying around I'd be $2k closer to being out of debt by tomorrow.  You don't save money when trying to get out of debt in a hurry.

This doesn't make any sense.  You don't just have "$2K lying around"  You set it aside and tell yourself it's off limits.

$85 dollars every two weeks for one year and you would have $2K "lying around"

Yeah, fark the electric company, water company etc.  Screw the grocery store too!  I dont know about you, but $85 a week is a lot of money just to park when you may have other bills to pay.


It wasn't $85 a week.  It was $85 every other week.  So $42.50 every week.  Make it $20 and save for two years instead.  It was more of a statement about how you can save if you want to.  Just save a little bit every paycheck towards a rainy day.
 
2014-04-08 04:35:55 PM
The Missing Link:You can use the internet for free in most  libraries

I work from noon until 2100 hours (eastern time).  The library is closed by then.  I could go in the morning before I go to work, but I also have a functional (for now, at least) automobile.

Granted, this is abstract to me--I'm making more money now than I ever have in my life--the king's ransom of $34,500 a year--at at least have the ability make my car and insurance payment every month.

That said, this thread is really hammering home the point of how horrible I am with my money, because I make that much money and still couldn't pull together $2k in an emergency without quitting my job and pulling out the 401(k).  No more excuses.
 
2014-04-08 04:36:51 PM

fireclown: [www.mamascritics.com image 850x625]
Baby step 1:  set up an emergancy fund of $1500.

The guy is occasionally kind of nutty, but the bones of his plan are pretty sound.


He's got some bad ideas in there, like zero credit cards (leaving money on the table) and paying off all debt before saving for retirement (stupid even if you have compounding CC interest).
 
2014-04-08 04:37:16 PM

JusticeandIndependence: It wasn't $85 a week. It was $85 every other week. So $42.50 every week. Make it $20 and save for two years instead. It was more of a statement about how you can save if you want to. Just save a little bit every paycheck towards a rainy day.


But even $42.50 a week is more than some peoples' food budgets, is more than power and water bills (sometimes put together), and is just plain not feasible for the POOR. Doesn't matter how good or bad with money you are, if there is no opportunity to make money, you do what you can, and $42.50 a week really is a stretch.
And even on a two year timescale, those rainy days are almost sure to come more frequently than the rainy day fund can handle. The math just doesn't work with the price of damn near everything what it is, and demand is already in the toilet because people can't afford to spend.
 
2014-04-08 04:40:44 PM
Litterbox:

Im well over 40 and do not have 2K on hand.  I also do not have a couple of bikes worth that much money.  To me, thats a huge waste of cash.  Yes, Ive made some shiatty decisions and my situation is totally my fault, but I also do not make a lot vs. what I have going out.

If it's of any consolation, you've pretty much described the situation of most of the people in this country.  But the political scientists/economists of Fark seem to forget that reality, so keep on keepin' on.
 
2014-04-08 04:51:21 PM
What it comes down to is people make choices. If after paying for your necessities (food, shelter), you choose to spend the extra money on luxuries (TV, internet), that is your choice. Just like choosing between food/shelter and the TV, that is a choice. But don't complain about not being able to come up with $2000 in an emergency, if you are choosing to spend those extra funds rather than saving them.
 
2014-04-08 04:53:51 PM
You mean to tell me some people don't keep 5K in their checking?
 
2014-04-08 04:54:44 PM

Serious Black: Rapmaster2000: SlothB77: I doubt that.  4 in 10 americans don't have $2000 worth of stuff they can sell if their lives depended on it?  If you own a flat screen tv, a couch and a bike or a car, you are getting pretty close to that number.  throw in a gun, computer and cell phone or other random appliances and you can get there.

but yeah, after you sell all that stuff, you don't have much left.

I forget that old people still think a used flat screen is worth more than $200 after a few years.

I paid something like $600 for my main TV. I bought it six and a half years ago. I doubt I could get more than $100 for it on Craigslist today considering that similar new TVs today easily run under $300.


Could be worse guys... I bought my TV for $2K over 10 yrs ago. I may actually have to PAY someone to take it from me.

Sony Big Screen.. about 250 ibs
 
2014-04-08 04:55:43 PM

IAmYourBrainOnDrugs: The Missing Link:You can use the internet for free in most  libraries

I work from noon until 2100 hours (eastern time).  The library is closed by then.  I could go in the morning before I go to work, but I also have a functional (for now, at least) automobile.

Granted, this is abstract to me--I'm making more money now than I ever have in my life--the king's ransom of $34,500 a year--at at least have the ability make my car and insurance payment every month.

That said, this thread is really hammering home the point of how horrible I am with my money, because I make that much money and still couldn't pull together $2k in an emergency without quitting my job and pulling out the 401(k).  No more excuses.


The local libraries generally don't open until noon, so you'd still be SOL.
 
2014-04-08 04:59:22 PM

Litterbox: JusticeandIndependence: Smeggy Smurf: If I had $2k laying around I'd be $2k closer to being out of debt by tomorrow.  You don't save money when trying to get out of debt in a hurry.

This doesn't make any sense.  You don't just have "$2K lying around"  You set it aside and tell yourself it's off limits.

$85 dollars every two weeks for one year and you would have $2K "lying around"

Yeah, fark the electric company, water company etc.  Screw the grocery store too!  I dont know about you, but $85 a week is a lot of money just to park when you may have other bills to pay.


You're missing the point: it's really not a lot of money. Take a hard look at where your money is going.
 
2014-04-08 05:01:15 PM

Dimensio: SlothB77: I doubt that.  4 in 10 americans don't have $2000 worth of stuff they can sell if their lives depended on it?  If you own a flat screen tv, a couch and a bike or a car, you are getting pretty close to that number.  throw in a gun, computer and cell phone or other random appliances and you can get there.

but yeah, after you sell all that stuff, you don't have much left.

In fact, the firearm may be the most effective tool for obtaining $2000 in a short time period.


You just need to be careful picking the right 6 in 10 Americans to rob...
 
2014-04-08 05:06:01 PM

Jument: You're missing the point: it's really not a lot of money. Take a hard look at where your money is going.


And you're missing the point. It really IS a lot of money when you're poor.
 
2014-04-08 05:14:35 PM

cptjeff: jst3p: still would have had an hour to walk to the library and back if I had to. As it was since I had jobs I could afford AOL for internet access (it was the early 90's don't judge me!).

So you've never actually had to walk an hour to the library every day to log on to the internet, which is absolutely critical to trying to find most jobs these days, but you're fine saying everybody else should. Is that what I'm getting from you?

You thought Internet access was important enough in the 90s that you subscribed to AOL while just trying to scrape by. It's a thousand times more important now, but you still think internet access at home is a luxury and that people should just walk an hour to the library or pay bus fare both ways (do that every day, and it adds up to a lot more than just getting internet access at home) just so they can apply for jobs or make sure they haven't been offered one yet?


The original argument was that unemployed people do not have an hour to spare to go to the library to check for email.

This poster responded that he/she had 3 part time jobs, but still had a spare hour to be able to walk to the library, if needed.

Your response is that the person never really HAS had to walk an hour to get internet.


So.. what is it?  Tough to walk a mile now.  People are that fat?

I've walked a mile to get to 7-11 before.  It depends on how much your want that pack of Big League Chew.

Then, I turned 8 and acquired a bike.   BAM, no more hour long journey.

You can get bikes on CL free, just from people cleaning up their garage and they don't want the hassle of selling something, but don't feel good about throwing perfectly good things away.
 
2014-04-08 05:16:35 PM

The Missing Link: What it comes down to is people make choices. If after paying for your necessities (food, shelter), you choose to spend the extra money on luxuries (TV, internet), that is your choice. Just like choosing between food/shelter and the TV, that is a choice. But don't complain about not being able to come up with $2000 in an emergency, if you are choosing to spend those extra funds rather than saving them.


Let's do a little thought experiment here. Bear with me as I make a few assumptions.

You rail against the poor spending money on anything that's, in your view, unnecessary. Inluding TV, internet, and, I'd assume, electronics. So, let's go there. Let's create that world. Let's have your utopia made real.

Your profile says you live in Chicago. Perfect. We're going to go to a Chicago where there's no money being spent by the poor on entertainment. A quick search on Google tells me that around 30% of the youth between the ages of 12 and 24 in Chicago are living under the poverty line.

Now, the interesting thing about teenagers- especially teenage boys- is that they will find some sort of way to fill time. You know why Appalahia has such a high rate of teen pregnancy? It's free to f*ck. Going to the movies costs money, but you can be dead broke and still make The Beast with Two Backs.

But I digress. Anyway, now we're in a Chicago where there are a significant number of kids- predominantly black and Latino- who ain't got nothin' better to do. They're kind of pissed off, because they didn't choose to be born into a poor family. They're not really going to stay in the house, because there's nothing to do there. If they want fun, they're going to have to make their own kind of entertainment. Something that appeals to a young, poor, pissed-off male.

Let's go to a Cubs game. You're driving.
 
2014-04-08 05:18:40 PM

DarkLancelot: IAmYourBrainOnDrugs: The Missing Link:You can use the internet for free in most  libraries

I work from noon until 2100 hours (eastern time).  The library is closed by then.  I could go in the morning before I go to work, but I also have a functional (for now, at least) automobile.

Granted, this is abstract to me--I'm making more money now than I ever have in my life--the king's ransom of $34,500 a year--at at least have the ability make my car and insurance payment every month.

That said, this thread is really hammering home the point of how horrible I am with my money, because I make that much money and still couldn't pull together $2k in an emergency without quitting my job and pulling out the 401(k).  No more excuses.

The local libraries generally don't open until noon, so you'd still be SOL.


Must be different where you are. In every suburbia I have lived in they open in the morning.

http://www.mylibrary.us/contact/library-hours-and-locations
 
2014-04-08 05:22:53 PM

Sergeant Grumbles: Jument: You're missing the point: it's really not a lot of money. Take a hard look at where your money is going.

And you're missing the point. It really IS a lot of money when you're poor.


Some people have never looked at the toilet paper on hand, then the calendar, and realized that they'll run out of TP before they run out of days.

If I'm ever Emperor, everybody's going to have to live on a budget that tight for 90 days. One where absolutely every penny is accounted for, and there's no wiggle room. You'll just get zero warning before your 90 days start. Might even be over Christmas.

I think it would dramatically change the conversation we have in this country about poverty.
 
2014-04-08 05:25:55 PM

Gonz: The Missing Link: What it comes down to is people make choices. If after paying for your necessities (food, shelter), you choose to spend the extra money on luxuries (TV, internet), that is your choice. Just like choosing between food/shelter and the TV, that is a choice. But don't complain about not being able to come up with $2000 in an emergency, if you are choosing to spend those extra funds rather than saving them.

Let's do a little thought experiment here. Bear with me as I make a few assumptions.

You rail against the poor spending money on anything that's, in your view, unnecessary. Inluding TV, internet, and, I'd assume, electronics. So, let's go there. Let's create that world. Let's have your utopia made real.

Your profile says you live in Chicago. Perfect. We're going to go to a Chicago where there's no money being spent by the poor on entertainment. A quick search on Google tells me that around 30% of the youth between the ages of 12 and 24 in Chicago are living under the poverty line.

Now, the interesting thing about teenagers- especially teenage boys- is that they will find some sort of way to fill time. You know why Appalahia has such a high rate of teen pregnancy? It's free to f*ck. Going to the movies costs money, but you can be dead broke and still make The Beast with Two Backs.

But I digress. Anyway, now we're in a Chicago where there are a significant number of kids- predominantly black and Latino- who ain't got nothin' better to do. They're kind of pissed off, because they didn't choose to be born into a poor family. They're not really going to stay in the house, because there's nothing to do there. If they want fun, they're going to have to make their own kind of entertainment. Something that appeals to a young, poor, pissed-off male.

Let's go to a Cubs game. You're driving.


Chicago has all kinds of free (subsidized) programs. There are hundreds of things inner city kids can do that the city provides. How much does it cost to go play basketball or football in the park? Heck, you can even get free condoms in most of the city high school now and days.
 
2014-04-08 05:26:43 PM

Gonz: Some people have never looked at the toilet paper on hand, then the calendar, and realized that they'll run out of TP before they run out of days.


Nope, and then they'll tell you that you shouldn't be spending your money on luxuries like calendars or toilet paper. Notches on a stick and leaves are free, right?
 
2014-04-08 05:27:11 PM

Gonz: It's free to f*ck. Going to the movies costs money

 
2014-04-08 05:27:40 PM

lennavan: Nutsac_Jim: I'll take a stab at it.

Instead of sapping you for 12.5% and the promise of giving you some back later, you
keep your 12.5% and invest it in some nice trustworth S&P500 IRA.

This is where you farked up.  The country is full of idiots.  If you gave them their 12.5% back, they would not invest it, they would spend it.  Then they'd hit an age/health status where they could no longer work and be farked.

I agree with you, people CAN invest and plan and do better than the government programs.  But they don't and it's immoral to let people die/starve/freeze in old age merely because they're stupid.



I agree with you that retards will take the 12.5% and spend it.   It can not be stopped.  That is what retards do.

I would be 100% ok with mandating 10%  (or 12.5%) into a retirement plan.
It is for the good of everyone that people prepare for retirement.    Sort of like the excuses for Obamacare.

Call it the Save Dumbasses From Themselves Retirement Act.

Just make them save it.    I would also be ok with limiting investment choices.    I don't need people crying they put it all in WorldCom or Enron.  They can invest in the S&P, or T-bills if they are afraid.

But the money is there, in a REAL retirement account.


I'm sure that insurance companies will be standing in line to offer disability insurance and life insurance to 200 million clients.   I'm sure it could be offered a nice rate for a small percentage of your contribution.  Group term at its finest.
 
2014-04-08 05:33:41 PM

Nutsac_Jim: I would be 100% ok with mandating 10% (or 12.5%) into a retirement plan.
It is for the good of everyone that people prepare for retirement. Sort of like the excuses for Obamacare.

Call it the Save Dumbasses From Themselves Retirement Act.


Pretty sure you just described Social Security.
 
2014-04-08 05:44:21 PM

Sergeant Grumbles: Nutsac_Jim: I would be 100% ok with mandating 10% (or 12.5%) into a retirement plan.
It is for the good of everyone that people prepare for retirement. Sort of like the excuses for Obamacare.

Call it the Save Dumbasses From Themselves Retirement Act.

Pretty sure you just described Social Security.


Except for nobody taking 2/3 of your money, nobody taking 100% of it if you die at or before 61, and your kids get nothing  unless they are "lucky enough" that you die when they are 5 or so.

Other than that, sure,.. its *just* like social security.
 
2014-04-08 05:48:36 PM
4 in 10 say they could not come up with $2,000

This has always been the case in America. Most people don't save their money.
 
2014-04-08 05:51:27 PM
Kudos to the 1 in 10 people who are both Liberal and capable of scrounging up $2000.
 
2014-04-08 05:56:16 PM

The Missing Link: Chicago has all kinds of free (subsidized) programs.


I like how you call it "free (subsidized)". Poor people pay taxes- sales tax, gas tax, usually some degree of income tax, etc.

It's not subsidized, they're paying for it.
 
2014-04-08 06:03:35 PM

Elvis Presleys Death Throne: Kudos to the 1 in 10 people who are both Liberal and capable of scrounging up $2000.


6 out of 10 can scrounge up $2000.

Democrats outnumber Republicans:

www.people-press.org

Is your post dumbass math you do to make yourself feel better?
 
2014-04-08 06:04:07 PM

Nutsac_Jim: lennavan: More than one-third of workers (36 percent) have only $1,000 saved for their later years

I really wish we could have a (D) Medicare / Social Security and a (R) one.  If you vote (R) consistently, then upon retirement, you get the (R) plan.  And yes, that means all along the way you get to pay whatever the lower tax rate associated would be.  We'll see how well that plan works out for you.

I'll take a stab at it.

Instead of sapping you for 12.5% and the promise of giving you some back later, you
keep your 12.5% and invest it in some nice trustworth S&P500 IRA.

So you are not a dumbass, and you make 100k just for giggles and it is near the cap for SS anyway.
using this tea part website
https://www.investor.gov/tools/calculators/compound-interest-calcula to r#.U0QMQPldXrQ

we assume historical average of 8% in the market.  None of that 25% that obama gives us.
You now have
$1,427,368.46   for retirement after 30 years.

30 years, mind you, not working until you are 70

That gives you about $5000 a month to retire on , assuming you back off the stock market and move to bonds and dividend stocks, and your money is only making 4%, and you don't take some of that and buy income generating rental properties. etc.

Or.. you can take the $1700 a month that Social security will give you.


Oh yeah, if you die when you are 61, on the R plan, your kids get all your money.  They can use it to pay off their student loans, which I hear that people have a hard time paying nowadays.  Or they can buy a decent small house and one of those small income generating rental properties.

But if you signed up for the D plan, you get $1700/mo.   And if you die at 61,
YOUR KIDS GET DICK.


This article is about the 40 percent of people that don't have savings. We could be looking at 40 percent of grandmas walking around homeless. How would the economy be affected there were a bunch of homeless grandmas? Your social security is a no homeless grandma tax. I prefer it to the bomb other countries tax.
 
2014-04-08 06:13:31 PM

Nutsac_Jim: Except for nobody taking 2/3 of your money, nobody taking 100% of it if you die at or before 61, and your kids get nothing unless they are "lucky enough" that you die when they are 5 or so.

Other than that, sure,.. its *just* like social security.


Hey, you want to discuss turning Social Security into some kind of national pension/401K, I'm all ears, but don't pretend that your Save Dumbasses From Themselves Retirement Act doesn't address many of the very same problems Social Security was created to combat.
 
2014-04-08 06:13:55 PM

Nutsac_Jim: Sergeant Grumbles: Nutsac_Jim: I would be 100% ok with mandating 10% (or 12.5%) into a retirement plan.
It is for the good of everyone that people prepare for retirement. Sort of like the excuses for Obamacare.

Call it the Save Dumbasses From Themselves Retirement Act.

Pretty sure you just described Social Security.

Except for nobody taking 2/3 of your money, nobody taking 100% of it if you die at or before 61, and your kids get nothing  unless they are "lucky enough" that you die when they are 5 or so.

Other than that, sure,.. its *just* like social security.


And nobody keeps paying you after your retirement ran out because you fuked up and lived too long.

It's retirement insurance, not retirement savings.
 
2014-04-08 06:22:06 PM
the same proportion are creationists

/don't know where I'm going with this
 
2014-04-08 06:29:56 PM

Cold_Sassy: ZAZ: Thank god ABC took a story that should have all Americans concerned and put it in slideshow format.

Thank god ABC took a two year old story that should have all Americans concerned and put it in slideshow format.

Just curious, how much has your salary increased in the past two years?  Things keep getting more and more expensive, yet employers don't want to seem to shell out any raise money.  It's not just me, it's the entire staff at the company for whom I work.


Speak for yourself! I got a $0.30 raise.
 
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